(MENAFN - Khaleej Times) The Indin rupee, which over the last year has depreciated consistently, is bringing cheers to UAE non-resident Indians, or NRIs, as they can now buy property in India even if it stretches to Rs1 crore or more, according to a survey.
The study, conducted by Sumansa Exhibitions - organisers of the Indian Property Show amongst 16,000 NRIs across the UAE - revealed that 89 per cent of NRIs in the UAE are planning to leverage the power of their additional income by investing in properties worth up to Rs1 crore and beyond.
The delight is justifiable as a weakening rupee gives more power to the dirham that they have, with a current sluggish market enabling them to buy properties at a cheaper rate.
The survey also revealed that 26.7 per cent of NRIs are looking to buy property as additional investment, a sharp rise of six per cent in this figure in just one year.
"NRIs in the UAE mostly prefer investing in property as it is one of the safest options and gives good returns as the capital value of any property appreciates. Plus, there is always a feeling of returning home since NRIs don't get citizenship in this region, so property investment becomes a natural choice," Sumansa Exhibitions CEO Sunil Jaiswal said.
"We can support this further as the survey also reveals that Mumbai, Bengaluru and Delhi feature in the top five destinations list."